on May 24th, 2010
Majority of the companies want to increase their social media budget for better valuable results. What is so special in social media for this increments in budget at a time when corporate finding it tough to manage balance sheets. The research found that an overwhelming majority of companies (86%) surveyed plan to spend more money on social media in 2010, and a further 13% are planning to keep the same level of budget. The research also found that many companies are experimenting with social media without yet reaping any measurable benefits. Only one-fourth of companies say that they have gained “real, tangible value” from social media, whereas 60% say that they have gained “some benefit but nothing concrete.”
Will 140character buzz work for you?
In terms of the benefits of Twitter cited by respondents, results vary, with nearly one-third (31%) saying that there are “tremendous opportunities” available, but half reporting that their companies are “open-minded but not fully convinced about the value to the business.” Some 7% say their organization feels that Twitter is over-hyped and a fad.
Is Blog works?
Nearly three-quarters of agencies (72%) say their clients are using corporate or brand blogs, but fewer than half of companies (47%) say they have blogs. Blog proven for better results not just for brand and also for sustainable traffic to your site, more information more visitor more is your brand spread.
Do you have Resources?
The biggest barrier to better social media engagement for companies surveyed is a lack of resources, with more than half of companies (54%) saying this is a significant problem, the report said. Nine out of 10 businesses (90%) say social media is taking up more time internally than a year ago.
What is appropriate? why this many difference in opinion?
- To start with, we have found as a social media agency that the amount marketers allocate to social media is very much dictated by a company’s confidence in social media marketing, which likely corresponds to the company’s readiness for change.
- There’s a difference between “we don’t have any money” and “we don’t have a budget for that (yet).” Monitoring the social media is so important before deciding your budget. Every SNS can not bring nothing but success, some are fraud, some are useless, some may be irrelevant to your product and services.
- What are your overall objectives and campaign timeframe? If the whole objective is to achieve a drastic spike in sales or promote a limited time offer, we believe more of your budget should be allocated to advertising. Social media is a slower burn, and you will just be disappointed.
- What tactics are you using already and how are they working? How your current efforts are working should determine how much you can reallocate to social media. Is your direct mail initiative working? What is your ROI on your current advertising model? What is the result of your interactive budget? Take a hard look at what results you are getting with traditional methods.
If you come across any fixed budget solution from any Social Media (SM) Consulting companies beware, Digital marketing with social media needs unique strategy. Flat price flat products will not work out. Ask yourself what difference you want to bring in the existing system, How far social media can help? engage with experts.
Social media
5 Responses to “Social Media budget bumps make it appropriate”
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